Mistakes in Managing a Mortgage

[flip_it_fast]

Here are some tips as to what NOT to do with a mortgage.

1. Never take out a mortgage for just the purpose of getting a tax credit.

2. Make payments without checking to make sure the lender is crediting you for them.

3. Skipping a payment because you don't think it will hurt your credit.

4. Co-sign for a mortgage for a friend or relative without considering all of the implications.

5. Not being able to make a payment and not contacting the lender to talk to them about it. Always call.

6. Stop paying on the mortgage in anticipation of selling the home.

Always make your payments on time. If you cannot for some reason, call your lender right away. Always make sure that you have been credited for your payments.

Personally, I would never co-sign anything for anyone. Thats my policy. I have worked too hard to get my credit to where it is. If I can do it then so can everyone else.

[flippinout]

These are all excellent tips. And especially the ones about not skipping a mortgage payment.

A lot of time skipping a mortgage payment can null and void your contract. And you sure dont want that to happen.

And by all means make sure that you are credited for every payment you make. And whether or not it has been applied to the principal or the interest.